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BUSINESS LOSSES
“If [the IRS sees] a sole proprietorship with a loss, I can tell you your chance of audit is extremely high,” says Berger. Sole Proprietorships are particularly suspicious, in the eyes of the IRS, because owners often commingle personal and business expenses and may take deductions to which they are not entitled.
If your business comes up in the red at tax time, Noah Daniels, EA recommends looking carefully at whether your deductions are all allowed under the tax code. “Everyone likes to think every dinner out is a business expense,” he says. “You want to look to see, really, is it a business expense and valid?”
While Noah Daniels, EA says the IRS is unlikely to audit a startup that loses money in its first year, he cautions that many entrepreneurs fail to account for their startup expenses correctly. “Businesses are required to capitalize certain expenditures,” he says, spreading deductions for large purchases and pre-startup expenses over multiple years. “Many times small businesses do not do that.”
YOUR CASH TRANSACTIONS
Credit-card processors now submit 1099-K forms to the IRS with a record of your business’ total credit-card transactions for the year. The IRS has a (secret) formula that tells it how much a business should have in cash sales based on its total credit-card transactions.
“Just because you didn’t get the actual notice of audit,” says Noah Daniels,EA “doesn’t mean that they’re not checking behind the scenes.”
YOU MADE MATH MISTAKES
You might get flagged for an audit, Noah Daniels, EA says, “if you’ve added up your receipts and they don’t agree with the 1099-K.” The IRS is always checking math on the returns, so getting the numbers right is crucial.
The fact that most tax returns are done electronically helps, he notes, because tax prep software does the math for you.
Still, Noah Daniels EA recommends that small-business owners double-check their returns. “You should know your numbers and you should know your business. The accountant should know the tax law,” he says. “You’re signing your tax return, so you’re responsible for the numbers on it.”
PLEASE ALWAYS KEEP YOUR FINANCIAL HOUSE IN ORDER
A best practice for sole proprietorships is to “clearly segregate your business from your personal life,” says Noah Daniels,EA. Use separate bank accounts and credit cards for business and personal expenses.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2017 tax return, you may want to partner with a reputable tax relief company who can help you get the max refund.
Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.
If you live in Los Angeles, contact us locally https://www.inglewoodtaxlawyers.com/
and if you live in Houston, TX contact us here www.advancetaxrelief.com.
However, it doesn’t matter where you live, we service taxpayers nationwide.
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